The Bank of England has cut rates for the first time since March 2020, which is likely to lead to lower mortgage repayment deals.
The Bank had held rates at a 16-year high of 5.25% since August 2023, as it attempted to tackle rising prices across the UK.
The last time rates were dropped was in the early days of the coronavirus pandemic, they were slashed to a record low of 0.1% in an attempt to boost the economy.
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